Barley two months to the end of the outgoing year, indications are that the three tiers of government have, in the last ten months, spent about N4.8 trillion from three revenue sources.
Investigations at the weekend revealed that the federal, state and local governments spent the revenues drawn from statutory revenue allocations during the monthly Federation Accounts Allocation Committee (FAAC) meetings, collections from Value Added Tax (VAT), as well as the series of augmentations drawn from the Excess Crude Account (ECA) for the period. Details of the expenditure show that the three tiers of government shared about N4.4 trillion from revenues earned from statutory sources in the first nine months, excluding about N403.5 billion distributed last Friday for the month of October. A breakdown of the October allocation, including statutory allocations and VAT, gave the federal government about N178.47 billion, states N106.7 billion, while local governments took N80.95 billion and N37.37 billion allocated as 13 percent derivation for oil producing states.
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